Sourcery - Na'ama Moran
Company: Sourcery, San Francisco, CA
Entry Submitted By: Clarity PR
Company Description: Sourcery is a digital payments and commerce platform that helps restaurants, commercial kitchens and other hospitality businesses to manage finances. Serving customers such as Snap Kitchen and Elephants Deli as well as corporate kitchens at Dropbox and Airbnb, Sourcery's invoicing and accounts payable technology enables customers to better manage costs and increase profitability.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Female Entrepreneur of the Year – Business Services –11 to 2,500 Employees
Nomination Title: Na'ama Moran: Tech Entrepreneur Setting New Examples for Silicon Valley
Describe for the judges the activities and accomplishments of the nominated entrepreneur since the beginning of July last year (up to 525 words):
The case of tech entrepreneur Na’ama Moran is a particularly unique example of what a smart, committed woman in business can achieve. In the past year, the co-founder of Sourcery, a SaaS platform for invoicing and payments specializing in food and hospitality-related businesses, was able to grow her business 200% year over year. While that’s an impressive achievement, that’s not the only big accomplishment for Na’ama this year. She also raised a significant venture funding round at a time when such funding is in a well-documented decline...and when she was in the third trimester of pregnancy.
Being a woman in Silicon Valley (aka “Valley of the Dudes”) isn’t easy. The tech industry is known almost as much of a “boys club” as is Wall Street, and its record on gender equality is abysmal. According to a study called “Elephant in the Valley,” illegal hiring practices and sexual harassment are rampant. When it comes to funding, the already-tough environment is worse if you’re a woman. A study by the Female Founders Fund showed that just 8% of the Bay Area startups that received Series A funding in 2015 were led by women.
The tech world is one where it’s assumed you’ll be a slave to your work. It’s likely no one would question the dedication of a male employee with a child. Women, however, are still stereotyped as primary caregiver for whom work is of tertiary priority. When a person who might quite possibly become the President of the United States thinks of pregnancy as an “inconvenience” to employers, imagine what an unenlightened potential investor in a world already challenging for women might think. One VC told Na’ama,”Everyone you meet will wonder how your pregnancy will impact your ability to deliver the fundraising goals."
Not only did Na’ama prevail in raising $5M to further build out her SaaS platform for invoicing and payments, she brought on new accounts including securing a long-term contract to automate accounts payable for Snap Kitchen, one of the fastest growing fast-casual chains in the country.
Na’ama has also found the time to share her passion, skills and experiences, incubating a startup, Restaurant Cheetah, that provides a cost-effective service for last-mile restaurant supply delivery to small restaurants in the Bay Area. In addition to signing key-partnerships, she recruited a local operating team and established an offshore R&D team in Israel, helping Cheetah to grow 340% y/y and reach monthly gross sales of nearly $1M per month.
But wait, there’s more!
She is also dedicated to supporting business leaders of tomorrow. Twice, she’s spoken to the Stanford University MS&E Entrepreneurship class, and she also works with with the Y-Combinator Women Founders group, having graduated - and benefited from - the program with Sourcery.
As you can see from these examples, Na’ama Moran has made amazing strides for her business, other entrepreneurs and women in the industry over the past year. She provided concrete evidence that women can achieve just as much as men, and proven that motherhood and entrepreneurship are not mutually exclusive.
Provide a brief biography of the nominated entrepreneur (up to 125 words):
Na'ama Moran is co-founder and CEO of Sourcery, a SaaS platform for digital invoicing and payments for food-related businesses from local restaurants to multi-location chains and corporate kitchens at companies like Dropbox, Airbnb and Thumbtack. The company is expected to process over $100M in payments in 2016, and recently announced the closure of a $5M venture round - which Na’ama raised while pregnant.
Originally from Israel, Na'ama came to the US to study economics, math and political science at Cornell, graduating Magna Cum Laude. She began her career as an analyst at Greylock Capital Management, then moved to Silicon Valley with the dream of improving people's lives through technology. While studying computer science at Stanford, she co-founded Zappedy, which she sold to Groupon in 2011.